A real estate sign is shown in Vaughan, Ont. on Thursday Sept. 12, 2024. THE CANADIAN PRESS/Paige Taylor White
Collingwood and Gravenhurst are now part of a growing number of Ontario towns where most homes are valued under $750,000. This change may provide more choices for buyers who have been unable to afford homes in the Toronto area.
This information comes from new data released Tuesday by the Municipal Property Assessment Corporation, which monitors property values across the province. From 2022 to 2026, the count of municipalities with a median home value over $750,000 dropped from 105 to 65. Both Collingwood and Gravenhurst were above that figure just four years ago; they’ve since fallen below it.
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Affordability Picture Improving but Still Below Decade Ago
Throughout Ontario, homes priced under $500,000 now account for nearly 24 percent of the real estate market; this is an increase from 17 percent in 2022. MPAC referred to this trend as “a rebalancing in the housing market.” However, it’s important to consider context. Back in 2016, properties valued under $500,000 made up 67 percent of Ontario’s market share. The current figure reflects recovery from last year’s peak rather than a return to previous norms. “The past decade has reshaped Ontario’s housing market, and while prices remain elevated, there have been corrections from peak conditions,” stated Greg Martino, chief assessor and data officer at MPAC. The proportion of homes priced over $1 million has also decreased significantly-from a high of 35 percent during peak conditions in 2022 down to about one-quarter today. 🎧 Listen to the daily headlines that matter most Subscribe on Spotify, Apple Podcasts and wherever you get your podcasts so you’ll be notified of new episodes each day.Condos Driving Change
A lot of the recent changes regarding affordability come from the condo sector. By 2026, nearly half (46 percent) of condos in Ontario will be priced under $500,000-a rise from just 24 percent in 2022. Other types of housing haven’t seen such movement. Currently only five percent of townhouses are below $500K-slightly up from three percent last year but far less than the recorded high of 69 percent back in 2016. For semi-detached houses today that figure stands at fifteen percent-down significantly from fifty-two percent ten years ago-while eighteen percent of detached homes fall under $500K compared with sixty percent back then.Communities Outside GTA Becoming More Affordable
Alongside Collingwood and Gravenhurst, MPAC’s data highlights several other communities just outside Greater Toronto and Hamilton Area where most homes have now dipped below that $750K mark since two years ago-including Kitchener, Waterloo, Cambridge, Hamilton, Kawartha Lakes and Brock. “For buyers previously priced out of the Toronto area these shifts may widen their options for accessible communities,” noted the report. *With files from CP What do you think about this article?Source link
